At the center of product development is the role of the product manager (PM). It is a role that involves market research, product concept development and the development and deployment of the final product.
Every company that develops and markets products or services needs a product manager to guide the product development process. This means that product management is a career path with plenty of employment opportunities.
To improve your skills and to increase your competitive edge in the job market, product managers should consider getting an MBA (Master of Business Administration) degree. While not a necessity for the job, it does help a lot.
What a PM needs to be good at The most important skills of a pm are research, an ability to work with different types of people and understanding marketing. This will help you create a product definition, work on it with design and engineering, define its value to consumers and explain it to management.
In a normal setting, a PM may take care of the existing products through life-cycle management and makes sure one or more new and inventive products are being developed.
Without a doubt, people in this role need to be able to cover many business aspects. Though they can be learned on the job, pursing an MBA education gives you a consistent background that is not just tailored to your current working environment.
Why you need an MBA From marketing to managerial economics, to organizational behavior, an MBA education covers a wide range of business topics. Usually courses are taught with both theory and case studies for both theoretical and a practical skill building. This is what gives MBAs an edge in the job market.
Especially for those with a technology background and an affinity for business, an MBA degree can be the ticket they needed to move into more business oriented roles such as product management.
Requirements to enter an MBA program The requirements for entry differ per program. Usually, you'll need a bachelor's degree or you must prove you have attained a similar level of knowledge through experience. In many programs you need at least a few years of work experience.
Case study based learning is an essential part of MBA programs and is one reason why you need work experience to join an MBA program. By sharing their real-life experiences on top of the academic theories, students can learn from each-other.
Obviously, the value obtained from an MBA degree is something that gives you a competitive edge in the job market.
MBA programs with product management specializations While a more generic MBA program will provide ample value to a PM, there are some specialized MBA programs out there. These specialized programs tend to focus a lot on brand management and marketing.
Market research, consumer behavior and product positioning are all important topics for PMs and are usually covered in marketing courses. Brand management is useful because it deals with the identity of the company and that identity supports and needs to be supported by the product shipping under it's brand.
MBA degrees can be pursued at well-regarded business schools around the world, so you do not have necessarily have to leave your home country for one.
Ways to do the MBA
Full-time Full-time programs are great, because you get to focus purely on studying and you get to know your fellow students very well. Though this is the quickest way of doing an MBA, it also requires a significant financial commitment. During the approximately 2 years of a full-time program, you'll have to be able to pay for the tuition costs and costs of study materials, while have little to no income.
Part-time A more affordable way of obtaining your MBA is in a part-time program. You'll still build a network with your fellow students, but the trade-off is in the duration and the otherwise free time committed. These programs typically take 4 years. Your studies will take place during hours that you'd normally be free from work, so this is a big commitment.
Online programs Over the last few years a variety of online MBA programs have sprung up. While these programs are convenient, it is harder to build a network with and learn from your fellow students. Hence these programs are primarily good for obtaining new theoretical skills.
Every company that develops and markets products or services needs a product manager to guide the product development process. This means that product management is a career path with plenty of employment opportunities.
To improve your skills and to increase your competitive edge in the job market, product managers should consider getting an MBA (Master of Business Administration) degree. While not a necessity for the job, it does help a lot.
What a PM needs to be good at The most important skills of a pm are research, an ability to work with different types of people and understanding marketing. This will help you create a product definition, work on it with design and engineering, define its value to consumers and explain it to management.
In a normal setting, a PM may take care of the existing products through life-cycle management and makes sure one or more new and inventive products are being developed.
Without a doubt, people in this role need to be able to cover many business aspects. Though they can be learned on the job, pursing an MBA education gives you a consistent background that is not just tailored to your current working environment.
Why you need an MBA From marketing to managerial economics, to organizational behavior, an MBA education covers a wide range of business topics. Usually courses are taught with both theory and case studies for both theoretical and a practical skill building. This is what gives MBAs an edge in the job market.
Especially for those with a technology background and an affinity for business, an MBA degree can be the ticket they needed to move into more business oriented roles such as product management.
Requirements to enter an MBA program The requirements for entry differ per program. Usually, you'll need a bachelor's degree or you must prove you have attained a similar level of knowledge through experience. In many programs you need at least a few years of work experience.
Case study based learning is an essential part of MBA programs and is one reason why you need work experience to join an MBA program. By sharing their real-life experiences on top of the academic theories, students can learn from each-other.
Obviously, the value obtained from an MBA degree is something that gives you a competitive edge in the job market.
MBA programs with product management specializations While a more generic MBA program will provide ample value to a PM, there are some specialized MBA programs out there. These specialized programs tend to focus a lot on brand management and marketing.
Market research, consumer behavior and product positioning are all important topics for PMs and are usually covered in marketing courses. Brand management is useful because it deals with the identity of the company and that identity supports and needs to be supported by the product shipping under it's brand.
MBA degrees can be pursued at well-regarded business schools around the world, so you do not have necessarily have to leave your home country for one.
Ways to do the MBA
Full-time Full-time programs are great, because you get to focus purely on studying and you get to know your fellow students very well. Though this is the quickest way of doing an MBA, it also requires a significant financial commitment. During the approximately 2 years of a full-time program, you'll have to be able to pay for the tuition costs and costs of study materials, while have little to no income.
Part-time A more affordable way of obtaining your MBA is in a part-time program. You'll still build a network with your fellow students, but the trade-off is in the duration and the otherwise free time committed. These programs typically take 4 years. Your studies will take place during hours that you'd normally be free from work, so this is a big commitment.
Online programs Over the last few years a variety of online MBA programs have sprung up. While these programs are convenient, it is harder to build a network with and learn from your fellow students. Hence these programs are primarily good for obtaining new theoretical skills.
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If you want to read more about this topic, you should also read this article about an MBA product management.
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